Strengthening Cyber Resilience for a European Financial Services Firm

Needs And Requirements:

The bank, despite having a commendable cybersecurity posture, identified areas for enhancement following a recent risk assessment. As a financial institution, it was imperative to comply with stringent regulations. The bank had allocated a significant budget for cybersecurity efforts and managed all sensitive data handling in-house. User access was controlled through a system of rights and segmentation. The bank sought support in various areas of cybersecurity, including access management and user rights, to bolster its overall security framework.

Main Challenges:

• Compliance with Regulatory Requirements: Adapting to complex financial regulations was a continuous process.
• Increasing Sophistication of Social Engineering Attacks: The firm faced evolving threats from social engineering tactics, necessitating advanced defensive strategies.
• Rapidly Changing Technology Trends and Security Solutions: Keeping updated with the latest technology and security solutions was essential for robust defense.
• Insider Threats and Unauthorized Access: Managing and mitigating risks from insider threats remained an ongoing concern.
• Evolving and Sophisticated Threat Landscape: The broader threat landscape was becoming more complex, demanding sophisticated response mechanisms.

Solution:

• Penetration Testing: Comprehensive external and internal penetration tests were conducted in a whitebox setting to identify vulnerabilities in the firm’s cybersecurity defenses. These tests were designed to mimic real-world attacks, providing a realistic assessment of the bank’s security measures. The external penetration test focused on the bank’s network perimeter, including its firewalls, routers, and servers. The internal penetration test, on the other hand, evaluated the bank’s internal network, focusing on aspects such as user access controls, network segmentation, and other security protocols.
• Training, Social Engineering & Simulations: The organization’s response to the theft of a laptop was tested to assess the effectiveness of physical security measures and access controls. This simulation highlighted areas for improvement in preventing unauthorized access, providing valuable insights into potential security gaps. The training also included simulated social engineering attacks to test the staff’s awareness and response to such threats, thereby enhancing the overall security culture within the organization.

Outcomes:

The security tests conducted by Hitachi Cyber revealed unauthorized access through a compromised laptop, highlighting critical vulnerabilities. In response, Hitachi Cyber guided the implementation of enhanced security measures, significantly strengthening the firm’s security posture. With Hitachi Cyber’s expertise, timely updates and effective patch management were executed, securing the systems against similar vulnerabilities in the future. These measures ensure that the firm remains compliant with industry standards and regulations, reinforcing their commitment to robust cybersecurity practices under Hitachi Cyber’s strategic guidance.

Next Steps:

The financial services firm will continue prioritizing cybersecurity as a critical component of its operations. In partnership with Hitachi Cyber, it will conduct ongoing vulnerability assessments and regular penetration testing to stay ahead of potential security threats. This continuous effort will focus on improving security measures and adapting to the dynamic cybersecurity landscape to protect against both internal and external threats. This case study serves as a testament to the bank’s commitment to maintaining a robust cybersecurity posture.